In activity-based costing, this refers to the number of items that will be produced after a machine has been setup.
In activity-based costing, this refers to the number of items that will be produced after a machine has been setup.
No insurance. If a company chooses to self insure for fire damage, it does not have insurance for fire damage. Companies with a chain of stores in various cities may decide not to have insurance, since their risk is...
Sales before deducting sales returns, sales allowances, and sales discounts.
See Explanation of Standard Costing.
Selling expenses are part of the operating expenses (along with administrative expenses). Selling expenses include sales commissions, advertising, promotional materials distributed, rent of the sales showroom, rent of...
A person whose pay is based on an annual amount (instead of being based on an hourly rate of pay multiplied by actual hours worked). For example, the officers of a corporation and the heads of departments within a...
Regression analysis with only one independent variable.
Scrap or waste that should have been avoided. In other words, abnormal spoilage is the amount that is over and above the normal amount that is expected in a production process.
Financial statements prepared by an accountant based on the amounts provided by a client. The accountant does not review or audit the amounts provided and therefore does not provide any assurances regarding the validity...
One of the steps in effective internal control. An example of separation of duties is to have the money handling be performed by someone who does not update the records. This means that the money counters at a church...
See variable manufacturing overhead spending variance and fixed manufacturing overhead budget variance. To learn more, see Explanation of Standard Costing.
Preferred stock where the dividend could be more than the original, stated dividend.
This term is associated with preferred stock that does not allow its holders to receive more than its stated dividend. The nonparticipating feature is typical in preferred stock. To learn more about preferred stock, see...
The accounting or bookkeeping system that does not utilize computer software for entering transactions into journals and ledgers.
See stockholders’ equity.
Journals other than the general journal. Special or specialized journals include the cash receipts journal, the cash disbursements journal, the purchases journal, and the sales journal.
This visual tutorial for the topic Income Statement presents the key components and formats used on a corporation's income statement (which is also known as the statement of operations or profit and loss statement). The...
A projection or estimate of the future quantities and selling prices of products and/or services.
The activities provided by a nonprofit in carrying out one of its major programs.
The amount of office supplies used during a specified time interval.
See income statement. To learn more, see Explanation of Income Statement.
The time required to set up a piece of production equipment.
Financial statements (such as the income statement and balance sheet) that summarize much of the detail into a few major lines of information.
Inventory that is less than the expected amount. It might be associated with theft or damage.
Preferred stock that can be exchanged by the holder for a specified number of shares of common stock of the same company.
Income Statement For multiple-choice and true/false questions, simply press or click on what you think is the correct answer. For fill-in-the-blank questions, press or click on the blank space provided. If you have...
The statement of the Financial Accounting Standards Board with the title Accounting for Contributions Received and Contributions Made. This statement was originally issued in June 1993 and applies to both nonprofit...
Spoilage or waste that is likely to occur and cannot be avoided at a reasonable cost.
Terms indicating that the buyer must pay to get the goods delivered. (The buyer will record freight-in and the seller will not have any delivery expense.) With terms of FOB shipping point the title to the goods usually...
The statement of the Financial Accounting Standards Board entitled Financial Statements of Not-for-Profit Organizations. This statement was originally issued in June 1993 and can be read at no cost at www.FASB.org.
See death spiral.
See post balance sheet event.
A past, historical cost. They are called sunk because a past cost cannot be changed and decisions involve only the present and the future.
Bonds Payable (Word Scramble) Download PDF To see each answer, press or click on the blue "Unscramble" button. If you have difficulty answering the following questions, learn more about this topic by reading our Bonds...
See current asset.
A certified public accountant (CPA) who practices accounting in his or her own firm without another CPA as a partner or shareholder.
Also referred to as factory burden, factory overhead, indirect manufacturing costs, and manufacturing support costs. To learn more, see Explanation of Manufacturing Overhead.
The cost associated with setting up a piece of production equipment. This would include the cost of the setup mechanic, the cost of scheduling, record keeping, moving the starting material, and testing the first few...
Analyzing financial statements by using financial ratios, horizontal analysis, and vertical analysis. To learn more, see Explanation of Financial Ratios.
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